It's Your Path
Friday FinTips
August 25, 2023
Read time: 3 minutes.
Welcome to the Friday FinTips newsletter, where I provide tips to simplify how you manage money.
The Point
There are a LOT of options when it comes to managing your money. But the truth is, there’s no “right” way. Do what works best for your personal situation.
What I Did
My budget changes every few years for a number of different reasons (whether it’s learning about new apps, new phases of life, or just looking for something different).
When I was 15, and working part-time at a minimum wage job, I used the envelope method. It worked great for me. I wasn’t making that much money, but I was saving a lot. Seeing that money pile up in those envelopes was super encouraging.
From there, I moved on to binders. I would write all my expenses down and keep track of everything using paper and a calculator. I know, I know….I’m old. But, it worked. I didn’t even start looking into apps/websites until much later. That’s how I found Mint.
Mint was an amazing addition to my money journey. I started using it when I was single and adding in my wife’s data was super easy. It saves HOURS each week by collecting everything for us. We just copy and paste in our budget (get your free version here) and we’re done.
Friday FinTips was created after I recreated our budget. The new budget was much easier to use and I thought it’d be helpful to share with others. I made it to change with our changing lives.
What You Can Do
The approach may change, but there’s always a common goal: to manage your money well.
Listen to the advice of others, especially those with more money than you. Absorb it, but remember the final decision is yours and yours alone.
Do what you think is best for you and your overall well being. Most people want to spend as little time as possible on their budget. If that’s you, pick an option that allows that.
Remember, it’s okay to change your approach whenever you feel like it. I’ve changed mine so many times I’ve lost count!
That's it. Time to enjoy the weekend!
-Logan
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